Reliance in Talks to Acquire Rosneft’s Stake in Nayara Energy

Russian oil major Rosneft is in early-stage discussions with Reliance Industries to sell its 49.13% stake in Nayara Energy , a significant player in India’s refining and retail fuel market. Nayara operates a 20-million-tonne-per-year refinery in Gujarat and has a network of 6,750 petrol pumps, making it one of the largest integrated energy players in India. A potential acquisition by Reliance could help it overtake Indian Oil Corporation (IOC) as India's top refiner and significantly expand its presence in the fuel retail sector. However, the talks remain at an exploratory stage, with valuation differences being a key hurdle. Rosneft had initially valued the stake at $20 billion , which most potential buyers, including Adani Group and IOC, found too high. Other stakeholders, including UCP Investment Group (24.5%) and Trafigura Group (24.5%) , may also exit if a deal materialises. While Saudi Aramco is also reportedly interested, it too finds the valuation steep. For Reliance, the strategic fit is strong, given its proximity to Nayara’s Vadinar refinery and its own Jamnagar refineries. The combined operations could create significant synergies. Despite ongoing interest, no formal agreement has been reached yet, and Rosneft has not officially commented on the matter.